When everyone else has given up, that's when conviction pays really off, Jim Cramer told his Mad Money viewers Thursday. So while the markets have sold the industrials down to ridiculous levels over fears of tariffs and trade, Cramer said he sees real value.

Case in point: the stock of 3M (MMM) , which has fallen from highs of $259 in January to just $195 today. It's true that 3M may be impacted by tariffs, but the time to worry was in January, not June. At $170 a share, just down from current levels, 3M will have a 3.2% dividend yield and trade for just 16 times earnings. The company also has a terrific balance sheet and a stock buyback. That's the definition of value.

United Technologies (UTX) is another great industrial company that's now down $16 a share from its highs, despite plans to break itself up and unlock tremendous value for shareholders. DowDuPont (DWDP) has similar breakup plans and its shares were down 8.3%.

In all of these cases, Cramer asked, "What if there's a compromise on world trade?" These stocks already reflect the worst-case scenarios; doesn't that mean there's a lot of upside potential?

The time to buy is when everyone else has given up, Cramer reminded viewers. The time to sell is into strength, as he did with Darden Restaurants (DRI) for his charitable trust, Action Alerts PLUS.

Investors needs to remember that despite all of the doom and gloom surrounding trade, companies can still surprise us, as Kroger (KR) did today, sending shares up 9.7%. Kroger continues to reinvent itself, which makes it a great stock to hold onto, Cramer said. He was also a fan of Intel (INTC) , down 2.3% today.

Cramer added that the bank stocks also look good ahead of next week's stress tests. If they pass with flying colors, as he expects they will, investors can look for bigger dividends and more buybacks.

Cramer admitted he may be early with the industrials, and they may still fall from current levels. But when you look at the risk vs. the reward, it's clear there is a lot of value in this left-for-dead sector.

Off the Tape: Zume Pizza

In his "Off The Tape" segment, Cramer sat down with Alex Garden, chairman and CEO of the privately-held Zume Pizza, a whole new way to make and deliver pizza that uses robots and automation to deliver pizzas in as little as five to 20 minutes.

Garden showed off one of his company's "bake-on-the-way" food delivery vehicles, which he called an "automated restaurant on wheels." The trucks can produce up to 120 pizzas an hour, servicing both delivery and walk-up orders, and are currently roaming the San Francisco Bay Area.

When asked about their automation, Garden explained that not every job is a great job, which is why their robots work beside humans to get rid of the boring, repetitive and sometimes dangerous tasks.

Cramer said Zume is a terrific idea and a terrific business.

Micron: Have Hope

The semiconductor sector can be fickle, but Cramer said when it comes to one name in particular, he's a believer. That company is Micron Technology (MU) , which posted a fantastic quarter last night, but saw its shares barely budge in today's session.

Cramer asked what investors would be willing to pay for $3.30 a share in earnings? What would they be willing to pay for a company with $2.2 billion in free cash flow, a $2 billion debt reduction and a $10 billion share buyback? Is it worth 15 times earnings or maybe even 20 times earnings?

Here's the thing: Micron isn't expected to earn $3.30 in earnings next year, it's expected to $3.30 a share next quarter, or more than $12.50 a share over the next year. Yet shares trade for just 4.7 times those earnings, making it the single cheapest name in the S&P 500.

Cramer said the analysts still don't believe that Micron is no longer a boom-and-bust commodity chipmaker. They refuse to believe the company is no longer tied to personal computers. And they just can't fathom the significant barriers to enter this new world of complex chips that only Micron can manufacture. Cramer said he may stand alone on Micron, but he's a true believe in this company's potential.

Executive Decision: Okta

For his "Executive Decision" segment, Cramer spoke with Todd McKinnon, co-founder and CEO of Okta (OKTA) , the cybersecurity company with red-hot shares that are up 107% for the year and now trade for 16 times sales.

McKinnon explained that Okta provides identity services for companies, allowing them to properly identify employees and customers so they can be connected to the right applications and services. Okta's platform is device agnostic, meaning people can connect to companies using any device or any operating system and still have a seamless experience.